How to motivate private investment to retrofit the existing housing stock

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How to motivate private investment to retrofit the existing housing stock

  1. 1. How to motivate privateinvestment to retrofit theexisting housing stock Mirja Adler KredEx 12 September 2011
  2. 2. Who is private investor forhousing stock in Estonia?• Legal body: – Housing association – Housing cooperative• Community of apartment owners – no legal body• In all cases all apartment owners (private persons) are responsible for decisions and payments
  3. 3. To motivate private investorsthe purpose has to be set, is it• Complete renovation of the buildings• Healthy indoor climate• Energy efficiency• Better living environmentOr the combination of all of them - yes
  4. 4. Key for motivation: complexapproach
  5. 5. Technical studies by TallinnUniversity of TechnologyStudies for 4 different building types,including social studies about residentsattitude and expectations • Brick • Concrete large panel • Wooden apartment buildings • Newly constructed buildings
  6. 6. Estonia BPP - Paldiski 171• Paldiski mnt 171 • Supervisory of works 7.669 € – built in 1977 • Design 5.958 € – typical block of • Reconstruction 389.408 €: flats • roof – 52.325 € – 5 storey • windows – 46.664.€ • facade – 119.566 € – 60 apartments • balconies – 107.929 € – 3.144 m² • heating system – 51.643 € • heating metering system – 11.279 € • Total costs per square meter 128 € • Result: 58% energy saving
  7. 7. Financial measures• Grants – From state – From municipalities• Low interest rate loan• Beneficiary can combine the measures
  8. 8. Grants and guarantee• State grant from KredEx for: – energy audit – 50%, max 700 € – technical inspection – 50%, max 700 € – building design documents - 50%, max 4 000 €• Reconstruction grant from GIS: 15, 25 or 35% depending on the level of refurbishment – Grants from municipalities, for example: Tallinn City 10% for renovation• Credit guarantee from KredEx – if needed
  9. 9. Low interest rate loan -revolving fund scheme
  10. 10. Results so farLoan Refurbishment grant• Start 24.06.2009 • Start 30.09.2010• By 31.08.2011: • By 31.08.2011: • 218 applications/buildings• 308 buildings – 5,5 mln €• Apartments 11 004 • 183 pos decisions• Ca 730 600 m² – 4,9 mln € – 15% 1,8 mln €• Total 26,8 mln € – 25% 2 mln €• Average 88 500 € – 35% 1,1 mln €• Saving 33,4% • Ca 452 000 m² • Average 26 600 €
  11. 11. Steps for end-beneficiary
  12. 12. Information to market participants• Press-conference in public media• Infodays/seminars/workshops - to end beneficiaries, builders, energy auditors, project designers, local municipalities• Advertisements in newspapers/magazines• Internet (website, banners, news, articles)• Direct mails• Leaflets/booklets• Cooperation with banks
  13. 13. 10 campaigns since 2006
  14. 14. Conclusions• To motivate private investors the all-round approach is needed: – Legal framework – Specialist and companies available – Arguments and support for decision making process (studies, BPP) – Financial support schemes – loans, grants – Programs for awareness raising – Campaigns to inform residents about possibilities
  15. 15. Contact:KredExMirja AdlerHobujaama 4 Tel: +372 6 674 10010151 Tallinn, Estonia Fax: +372 6 674 101E-mail: mirja.adler@kredex.eewww.kredex.ee

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